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Lew Frankfort

Coach Shares Slide as Key Execs Exit, Sales Shy

Shares of Coach (NYSE:COH) fell more than 9% in early trade on Tuesday after the fashion icon announced the departure of two key executives and reported disappointing fourth-quarter U.S. handbag sales.The New York-based handbag and accessories designer reported net income of $221 million, or 78 cents a share, compared with $251 million, or 86 cents, in the year-earlier period.Excluding special items like restructuring charges, Coach said it earned 89 cents, matching average analyst estimates in a Thomson Reuters poll.Revenue for the three months ended June 29 grew 6% to $1.22 billion from $1.16 billion a year ago, narrowly missing the Street's view of $1.24 billion as handbag sales disappointed. "While we maintained our outstanding profitability levels, we were not satisfied with our performance in the women's handbag and accessories category in North America," Coach CEO Lew Frankfort said in a statement.Shares of Coach fell more than 9% to $52.49 in recent trade.Separately on Tuesday,...

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  6. Coach Names Luis President, Commercial Chief; to Become CEO in 2014

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